<p>加密货币市场在 2024 年美国总统选举后开始飙升，至 2025 年 8 月达到新的历史高点，因为支持加密货币的特朗普政府开始实施相关政策。但这个夏天对加密市场来说却并不乐观。比特币在过去几周内抹去了所有选举后的涨幅，首次跌破关键的 60,000 美元水平，这是自 2024 年 9 月以来的首次。加密市场本质上就是一个波动的旋风，但这次市场的波动似乎是由主要机构投资者引发的，而非散户投资者。</p>
<h2>为什么加密市场在 2026 年崩溃</h2>
<p>总的加密资产市值已降至 2.5 万亿美元以下，较八个月前的近 4.4 万亿美元大幅下滑。在 AI 热潮的推动下，比特币及其同类资产曾与纳斯达克 100 指数同步上涨，但由于一系列行业和宏观经济因素，它们与科技行业的关系已变得疏离。</p>
<ul>
<li>机构去风险化：这是加密投资者最应关注的问题。2026 年，比特币 ETF 的资金流出创下纪录，包括被视为风险较低的新型现货 ETF。机构资金一直是一个稳定可靠的流动性来源，如果这些资金退出市场，波动性只会加剧。</li>
<li>财政拖累：数字资产财政公司在过去几年中成为一种热门交易。这些公司会发行股票以购买数字资产，投资者愿意为股票支付溢价以获得加密货币的敞口。然而，随着加密价格的暴跌，这些财政公司可能被迫以低于成本价的价格出售资产以满足其他义务。我们稍后将深入探讨一个例子。</li>
<li>地缘政治冲击、鹰派政策和风险轮换：虽然这并非特指加密货币，但持续的通胀和高利率的阴影仍然对波动性和高风险资产施加压力。市场参与者现在认为，今年加息的可能性与降息一样，这抑制了对加密货币的热情。此外，AI 股票吸引了零售风险投资者的目光，许多曾经的加密交易者现在转向了内存或 AI 基础设施股票的波动性。</li>
</ul>
<h2>3 只在加密货币暴跌时应避免的股票</h2>
<p>目前加密货币面临困境，任何想要抄底的冲动最好还是忽略。比特币在 60,000 美元时仍然 “仅仅” 比历史高点低 50%（比特币持有者会告诉你这只是小幅回调），而行业新闻持续偏向负面。以下是三只在这个夏天不太可能走强的股票：</p>
<h3>策略：比特币销售引发更大担忧</h3>
<p>首席执行官迈克尔·塞勒一直是全球最大的比特币牛市支持者之一，但显然他也看到了前方的麻烦。上周，Strategy Inc. NASDAQ: MSTR 宣布自 2022 年以来首次出售比特币，抛售了 32 个比特币，约合 250 万美元。是的，32 个比特币对于持有超过 800,000 个比特币的公司来说是微不足道的，但出售的原因让投资者感到恐慌，超过了数量本身。Strategy 出售比特币是为了支付其优先股 STRC 的股息义务，而 STRC 在 6 月 3 日跌破面值至 95 美元。STRC 的发行是为了资助 Strategy 的比特币购买并防止普通股东的稀释，但股息的增加信号表明对优先股的需求正在减弱。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153035_mstr2026-06-0816-06-06.PNG?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153035_mstr2026-06-0816-06-06.PNG"/></p>
<p>Strategy 在最近的下跌中购买了更多比特币，但 “绝不出售” 的叙述已经破灭，优先股的需求疲软使公司的整个财政策略面临风险。MSTR 的股票与比特币现货价格紧密相关，和比特币一样，该股票回到了 2024 年 9 月的水平。目前没有技术信号暗示反转；事实上，相对强弱指数（RSI）和移动平均收敛发散（MACD）指标都继续失去动能。</p>
<h3>Bullish：高 Beta 交易所，交易量下降</h3>
<p>Bullish Inc. NYSE: BLSH 去年夏天上市，其在公开市场的第一年并没有如其名称所示那样表现出色。Bullish 是一家类似于 Coinbase Global Inc. NASDAQ: COIN 的加密货币交易所。</p>
<p>由于交易量下降，其股票现在的交易价格低于首次公开募股价格。该公司在 2026 年第一季度的财报中未能达到每股收益预期，主要是由于交易收入增长放缓。42 亿美元收购 Equiniti 也是一个巨大的风险，因为 Bullish 目前的市值为 41 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153139_blsh2026-06-0816-08-02.PNG?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153139_blsh2026-06-0816-08-02.PNG"/></p>
<p>目前似乎没有结束下跌的迹象。该股票正在回访 2 月份的历史低点，RSI 和 MACD 显示卖方目前完全掌控市场。除非交易量恢复，否则最好对 Bullish 采取看空态度。</p>
<h3>ProShares 比特币 ETF：相比现货 ETF 成本和风险更高</h3>
<p>ProShares 比特币 ETF NYSEARCA: BITO 是美国交易所上最早的比特币 ETF 之一，但其策略迅速变得过时。BITO 持有 CME 比特币期货合约和美国国债的组合，旨在模拟比特币的价格而不实际持有比特币。但现在现货 ETF 已经上市，持有者需要支付 0.95% 的费用比率，而该基金面临着贬值风险。当比特币价格下跌时，BITO 被迫将到期的期货合约滚动到更昂贵的后期合约，这会侵蚀基金的净资产值（NAV），并导致相对于比特币现货价格的表现不佳。持续的下跌是像 BITO 这样的基于期货的基金最糟糕的熊市。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153911_bito2026-06-0816-10-54.PNG?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153911_bito2026-06-0816-10-54.PNG"/></p>
<p>BITO 在过去 52 周内损失超过 60%，未能利用特朗普当选后的加密货币反弹。该股票最近创下历史新低，因再次未能突破 50 日移动平均线，MACD 显示出买入完全崩溃。管理资产（AUM）现已低于 15 亿美元，这看起来越来越像是一项即将解散的过时资产。</p>
<h2>你现在应该投资$1,000 到 Strategy 吗？</h2>
<p>在考虑 Strategy 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而 Strategy 并不在名单上。</p>
<p>虽然 Strategy 目前在分析师中有中等买入评级，但顶级分析师认为这五只股票更值得投资。</p>
<p>在这里查看这五只股票</p>

STRD

GBTC

MSTR

<p>比特币在创纪录的 ETF 资金流出和机构抛售中跌破了 60,000 美元，预示着加密货币的下行趋势。文章指出了三只应避免的股票：Strategy (MSTR)，因出售比特币以满足股息义务；Bullish (BLSH)，面临交易量下降和盈利预期未达标；以及 ProShares Bitcoin ETF (BITO)，其成本高于现货 ETF</p>

<p>Cryptocurrency markets began soaring following the 2024 U.S. presidential election, reaching new all-time highs in August 2025 as the crypto-friendly Trump administration began implementing policies. But this summer has been anything but sunny for crypto markets. Bitcoin has erased all its post-election gains over the last few weeks, dipping below the critical $60,000 level for the first time since September 2024. Crypto is naturally a tornado of volatility, but this time the market action appears to be generating from major institutional players, not retail investors.</p>
<div class="lb-trans"><p>加密货币市场在 2024 年美国总统选举后开始飙升，至 2025 年 8 月达到新的历史高点，因为支持加密货币的特朗普政府开始实施相关政策。但这个夏天对加密市场来说却并不乐观。比特币在过去几周内抹去了所有选举后的涨幅，首次跌破关键的 60,000 美元水平，这是自 2024 年 9 月以来的首次。加密市场本质上就是一个波动的旋风，但这次市场的波动似乎是由主要机构投资者引发的，而非散户投资者。</p>
</div><h2>Why Crypto Markets Are Crashing in 2026</h2>
<div class="lb-trans"><h2>为什么加密市场在 2026 年崩溃</h2>
</div><p>The total crypto assets market cap has fallen to under $2.5 trillion, down from nearly $4.4 trillion just eight months ago. After moving in tandem with the Nasdaq 100 for much of the AI rally, Bitcoin and its cohorts have become dislocated from the tech sector due to a host of industry and macroeconomic factors.</p>
<div class="lb-trans"><p>总的加密资产市值已降至 2.5 万亿美元以下，较八个月前的近 4.4 万亿美元大幅下滑。在 AI 热潮的推动下，比特币及其同类资产曾与纳斯达克 100 指数同步上涨，但由于一系列行业和宏观经济因素，它们与科技行业的关系已变得疏离。</p>
</div><ul>
<li>Institutional Derisking: This should be the biggest concern amongst crypto investors. Bitcoin ETFs are seeing record outflows so far in 2026, including the newer spot ETFs that were viewed as less risky than the futures-based funds. Institutional funds have been a constant and reliable liquidity source, and if this capital exits the market, volatility will only get worse.</li>
<li>Treasury Drag: Digital asset treasury companies have become a popular trade over the last few years. These companies would issue equity to buy digital assets, and investors would happily pay a premium for the stock to gain crypto exposure. However, as crypto prices plummet, these treasury companies could be forced sellers at prices below cost basis to cover other obligations. We’ll delve into an example in a minute.</li>
<li>Geopolitical Shocks, Hawkish Policy, and Risk Rotation: While not crypto-specific, the specter of lingering inflation and high rates continues to weigh on volatile, risky assets. Market participants now consider rate hikes as likely as rate cuts this year, which is dampening crypto enthusiasm. Additionally, AI stocks have stolen the spotlight for retail risk seekers, and many former crypto traders now seek the volatility of memory or AI infrastructure stocks.</li>
</ul>
<div class="lb-trans"><ul>
<li>机构去风险化：这是加密投资者最应关注的问题。2026 年，比特币 ETF 的资金流出创下纪录，包括被视为风险较低的新型现货 ETF。机构资金一直是一个稳定可靠的流动性来源，如果这些资金退出市场，波动性只会加剧。</li>
<li>财政拖累：数字资产财政公司在过去几年中成为一种热门交易。这些公司会发行股票以购买数字资产，投资者愿意为股票支付溢价以获得加密货币的敞口。然而，随着加密价格的暴跌，这些财政公司可能被迫以低于成本价的价格出售资产以满足其他义务。我们稍后将深入探讨一个例子。</li>
<li>地缘政治冲击、鹰派政策和风险轮换：虽然这并非特指加密货币，但持续的通胀和高利率的阴影仍然对波动性和高风险资产施加压力。市场参与者现在认为，今年加息的可能性与降息一样，这抑制了对加密货币的热情。此外，AI 股票吸引了零售风险投资者的目光，许多曾经的加密交易者现在转向了内存或 AI 基础设施股票的波动性。</li>
</ul>
</div><h2>3 Stocks to Avoid as Cryptocurrencies Plummet</h2>
<div class="lb-trans"><h2>3 只在加密货币暴跌时应避免的股票</h2>
</div><p>Crypto’s in trouble at the moment, and any urge to buy the dip is probably best left ignored. Bitcoin at $60,000 is still “only” 50% off its all-time high (a drawdown for ants, Bitcoin HODLers will tell you), and industry news continues to lean negative. Here are three stocks unlikely to get hot this summer:</p>
<div class="lb-trans"><p>目前加密货币面临困境，任何想要抄底的冲动最好还是忽略。比特币在 60,000 美元时仍然 “仅仅” 比历史高点低 50%（比特币持有者会告诉你这只是小幅回调），而行业新闻持续偏向负面。以下是三只在这个夏天不太可能走强的股票：</p>
</div><h3>Strategy: Bitcoin Sales Trigger Larger Worries</h3>
<div class="lb-trans"><h3>策略：比特币销售引发更大担忧</h3>
</div><p>CEO Michael Saylor has been one of the world's biggest Bitcoin bulls, but apparently even he sees trouble ahead. Last week, Strategy Inc. NASDAQ: MSTR announced it had sold Bitcoin for the first time since 2022, dumping 32 tokens for approximately $2.5 million. Yes, 32 Bitcoins is a trivial amount for a company that holds more than 800,000 in total, but the reason for the sale spooked investors more than the amount. Strategy sold Bitcoin to cover dividend obligations from its preferred stock, STRC, which dipped below par to $95 on June 3. STRC is issued to fund Strategy’s Bitcoin purchases and prevent dilution of common shareholders, but the dividend bump signals softening demand for the preferred.</p>
<div class="lb-trans"><p>首席执行官迈克尔·塞勒一直是全球最大的比特币牛市支持者之一，但显然他也看到了前方的麻烦。上周，Strategy Inc. NASDAQ: MSTR 宣布自 2022 年以来首次出售比特币，抛售了 32 个比特币，约合 250 万美元。是的，32 个比特币对于持有超过 800,000 个比特币的公司来说是微不足道的，但出售的原因让投资者感到恐慌，超过了数量本身。Strategy 出售比特币是为了支付其优先股 STRC 的股息义务，而 STRC 在 6 月 3 日跌破面值至 95 美元。STRC 的发行是为了资助 Strategy 的比特币购买并防止普通股东的稀释，但股息的增加信号表明对优先股的需求正在减弱。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153035_mstr2026-06-0816-06-06.PNG" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20260608153035_mstr2026-06-0816-06-06.PNG"/></p>
<p>Strategy purchased more Bitcoin during the recent dip, but the “Never Sell” narrative has blown up, and weak demand for preferred shares puts the company’s whole treasury strategy at risk. MSTR shares have closely tracked Bitcoin spot prices, and like BTC, the stock is back at September 2024 levels. No technical signals hinting at a reversal yet either; in fact, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators both continue to shed momentum.</p>
<div class="lb-trans"><p>Strategy 在最近的下跌中购买了更多比特币，但 “绝不出售” 的叙述已经破灭，优先股的需求疲软使公司的整个财政策略面临风险。MSTR 的股票与比特币现货价格紧密相关，和比特币一样，该股票回到了 2024 年 9 月的水平。目前没有技术信号暗示反转；事实上，相对强弱指数（RSI）和移动平均收敛发散（MACD）指标都继续失去动能。</p>
</div><h3>Bullish: High Beta Exchange With Dwindling Volume</h3>
<div class="lb-trans"><h3>Bullish：高 Beta 交易所，交易量下降</h3>
</div><p>Bullish Inc. NYSE: BLSH went public last summer, and its first year in public markets hasn’t exactly lived up to its namesake. Bullish is a cryptocurrency exchange similar to Coinbase Global Inc. NASDAQ: COIN.</p>
<div class="lb-trans"><p>Bullish Inc. NYSE: BLSH 去年夏天上市，其在公开市场的第一年并没有如其名称所示那样表现出色。Bullish 是一家类似于 Coinbase Global Inc. NASDAQ: COIN 的加密货币交易所。</p>
</div><p>Its shares now trade below their IPO price, thanks to declining trading volumes. The company missed earnings-per-share estimates in its Q1 2026 report on May 14, largely due to slowing growth in trading revenue. The $4.2 billion acquisition of Equiniti is also a huge risk, considering Bullish’s current market cap sits at $4.1 billion.</p>
<div class="lb-trans"><p>由于交易量下降，其股票现在的交易价格低于首次公开募股价格。该公司在 2026 年第一季度的财报中未能达到每股收益预期，主要是由于交易收入增长放缓。42 亿美元收购 Equiniti 也是一个巨大的风险，因为 Bullish 目前的市值为 41 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153139_blsh2026-06-0816-08-02.PNG" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20260608153139_blsh2026-06-0816-08-02.PNG"/></p>
<p>There appears to be no end in sight to the drawdown. The stock is revisiting the February all-time lows, and the RSI and MACD show sellers are in full control at the moment. Unless trading volumes return, it's probably best to bet bearish on Bullish.</p>
<div class="lb-trans"><p>目前似乎没有结束下跌的迹象。该股票正在回访 2 月份的历史低点，RSI 和 MACD 显示卖方目前完全掌控市场。除非交易量恢复，否则最好对 Bullish 采取看空态度。</p>
</div><h3>ProShares Bitcoin ETF: Higher Costs and Risks Compared to Spot ETFs</h3>
<div class="lb-trans"><h3>ProShares 比特币 ETF：相比现货 ETF 成本和风险更高</h3>
</div><p>The ProShares Bitcoin ETF NYSEARCA: BITO was one of the first Bitcoin ETFs available on U.S. exchanges, but its strategy has quickly become outdated. BITO holds a combination of CME Bitcoin futures contracts and U.S. Treasuries, aiming to mimic Bitcoin's price without actually holding it. But now that spot ETFs are on the market, holders are paying a 0.95% expense ratio for a fund facing decay risk. When Bitcoin prices decline, BITO is forced to roll its expiring futures into more expensive, later-dated contracts, which erodes the fund's net asset value (NAV) and causes underperformance relative to Bitcoin's spot price. A sustained drawdown is the worst type of bear market for futures-based funds like BITO.</p>
<div class="lb-trans"><p>ProShares 比特币 ETF NYSEARCA: BITO 是美国交易所上最早的比特币 ETF 之一，但其策略迅速变得过时。BITO 持有 CME 比特币期货合约和美国国债的组合，旨在模拟比特币的价格而不实际持有比特币。但现在现货 ETF 已经上市，持有者需要支付 0.95% 的费用比率，而该基金面临着贬值风险。当比特币价格下跌时，BITO 被迫将到期的期货合约滚动到更昂贵的后期合约，这会侵蚀基金的净资产值（NAV），并导致相对于比特币现货价格的表现不佳。持续的下跌是像 BITO 这样的基于期货的基金最糟糕的熊市。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153911_bito2026-06-0816-10-54.PNG" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20260608153911_bito2026-06-0816-10-54.PNG"/></p>
<p>BITO has lost more than 60% over the last 52 weeks, failing to capitalize on the crypto rally following Trump’s election win. The stock recently hit a new all-time low after another failed 50-day moving average breakout, and the MACD shows a complete collapse in buying. With assets under management (AUM) now below $1.50 billion, this is looking increasingly like an obsolete asset headed for dissolution.</p>
<div class="lb-trans"><p>BITO 在过去 52 周内损失超过 60%，未能利用特朗普当选后的加密货币反弹。该股票最近创下历史新低，因再次未能突破 50 日移动平均线，MACD 显示出买入完全崩溃。管理资产（AUM）现已低于 15 亿美元，这看起来越来越像是一项即将解散的过时资产。</p>
</div><h2>Should You Invest $1,000 in Strategy Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资$1,000 到 Strategy 吗？</h2>
</div><p>Before you consider Strategy, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑 Strategy 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Strategy wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而 Strategy 并不在名单上。</p>
</div><p>While Strategy currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 Strategy 目前在分析师中有中等买入评级，但顶级分析师认为这五只股票更值得投资。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

加密货币寒冬已至：今夏需要搁置的三只股票